DPS Penn

I live in Carroll county, perry township.   My husband and I signed a SURE lease.

Today we recieved via UPS an amendment and Ratification of our current lease.  they want us to void Exhibit A and B and replace it with C.   A and C are exactly alike.  There is no B in our contract.   

 We have a good signed lease, filed at the court house under a memorandum of lease.  Their reason is it has to be changed to a lease instead of memorandum.   There is also some vague line about 10.00 and other good and valuable consideration, the receipt and sufficiency of which is herby acknowledged, and the mutual promises contained herein, lesssor and lessees agree as follows.

as follows is the change to exhibit A.    

I don't trust this.  

Any ideas?

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Permalink Reply by Robin Hood on May 14, 2012 at 10:16am

Where is the change to exhibit A? You may have forgot to post it. Have they paid the bonus for the lease, yet?

I looks like you may have an old lease that has been sold or traded to Chesapeake. I wouldn't agree to anything until the requested changes are scrutinized. The people on this forum are very good at that. And after everyone adds their 2 cents, you can contact a lawyer if your still unsure what to do. In any case take your time in making up your mind. It is not unheard of but there may be a bit of deceit being practice on you. As in "Their reason is it has to be changed to a lease instead of a memorandum."  That doesn't make any sense.

Permalink Reply by Anonymous on May 14, 2012 at 10:27am

The change to exhibit A is not a change.  It is the same word for word.  We do not have an exhibit b in our lease.   

Our lease is new.   Never had  a lease on this land before.  

We have been paid, money in the bank and cleared.   lease is recorded in the carroll county court house. 

Jim ShoosPermalink Reply by Jim Shoos on May 14, 2012 at 10:44am

Signed, sealed and delivered... and yet you said you "don't trust this"???  Isn't it a little late to be questioning your level of trust???

Permalink Reply by Anonymous on May 14, 2012 at 11:54am

Jim.  i don't think I am explaining well.   I am questioning  the new amendment they have sent for us to sign.  NOT the original lease.

Permalink Reply by jett on May 14, 2012 at 11:08am

That vague line you mentioned

.."10.00 and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and the mutual promises contained herein, lessor and lessees agree as follows..." 

Is this in your original lease language? If not, possibly this is the reason for the amendment request - I would ask a lawyer about this before signing anything new. It's amazing what how some seemingly small legal terms actually affect the terms of a legal document. And that what is an amendment is - part of a Legal document.

Permalink Reply by JR on May 14, 2012 at 11:39am
I just finished real estate school and that statement basically hides the actual amount paid from public record, but also states the transaction/contract contains valuable consideration. The other wording "promises" both parties to honor the lease.
Permalink Reply by JR on May 14, 2012 at 11:42am
I'd still have a lawyer review ANYTHING before signing, but that clause doesn't bother me.
Permalink Reply by Anonymous on May 14, 2012 at 11:58am

If they just want to correct an error which is what they said on the phone.  Why not just send an amendment that corrects the error instead of totally deleting it?

DPS Penn is saying because the page recorded on record does not list the land boundaries they want to change it, yet they are listed on the lease. 

I am confused as to the reason.   When I asked I got double talk.

Permalink Reply by Jack Straw on May 14, 2012 at 12:49pm

I would suggest that this might be a good time to consult an Attorney in your County who has Oil & Gas Lease expertise. This may not be a situation you wish to entrust to the advise of anonymous individuals over the blogosphere.

An expenditure of $100-$200 for a quick review will buy you "peace of mind".

And, this will give you an introduction to someone that you might need in the future.

 

All IMHO,

                JS

 

 

Permalink Reply by Anonymous on May 14, 2012 at 1:24pm

good point Jack.  I was basically checking to see if anyone else had run across any similar situation.   I have no intention of signing anything until I understand it totally.

Permalink Reply by Anonymous on May 15, 2012 at 7:50am

Already in the works.    Thanks for all the feedback everyone.  

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